Which of the following is not a characteristic
of a fund as defined by GASB standards?
A. an accounting entity
B. a segregated quantity of cash and other financial resources on deposit with a designated trustee.
C. a fiscal entity
D. A self balancing set of accounts'

a segregated quantity of cash and other financial resources on deposit with a designated trustee.

The GASB has identified which of the following as the "cornerstone" of all financial reporting in government?
A Understandability
B. Representational faithfulness
C. Accountability
D. Visibility

C. Accountability

the types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments.
A. governmental activities, business type activities.
B. governmental, business-type, and fiduciaryC. governmental, proprietary, and fiduciary

The dual track includes
A. the fund trackB. fund track and the gov.-wide track
C. the modified accrual track
D. the government-wide track

B. fund track and the gov.-wide track

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An example of other financing sources would be
A Grants for capital improvements
B. Proceeds of the sale of bonds
C. Sales of tax anticipation notes

B. Proceeds of the sale of bonds

In governmental financial reporting the internal service fund is included in
A business types activities
B Governmental activities
C Governmental funds
D. Governmental activities and Governmental funds

___________ refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden or services previously provided

When the budget of a government is recorded and Appropriations exceed Estimated Revenues, the Fund Balance account is

A. Debited at the beginning of the year and credited at the end of the year.
B. credited at the beginning of the year and debted at the end of the year
C. credited a the beginning of the yea and no entry is made at the end of the year
D. debited at the beginning of the year and no entry is made at the end of the year

A. Debited at the beginning of the year and credited at the end of the year.

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The expenditures control account of a government is debited when

A. supplies previously encumbered are received
B. The budget is recorded
C. The invoice is paid
D. supplies are ordered

A. supplies previously encumbered are received

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The General Fund has transferred cash to the appropriate fund for eventual retirement of term bonds maturing in 10 years. Which funds would record this transaction

When supplies ordered for use in an activity accounted for in the General Fund of a government are received at an actual price that is more than the estimated price on the purchase order, the Encumbrance account is

a.Debited for the estimated price on the purchase order.
b. Credited for the actual price for the supplies received

b. Credited for the actual price for the supplies received

The responsibility of governments to justify that their actions in the current period have complied with public decisions concerning the raising and spending of public monies in the short-term is know as

The accounting system used by a state or local government must make it possible

A. To prepare consolidated accrual basis statements for the government as a whole.
B. To prepare financial statements as required by the Financial Accounting Standards BoardC. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions.
d. All of the above

C. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions.

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On what should the government-wide financial statement report?

a. Net assets and results of financial operations of the government as a whole
b. Operational accountability
c. The cost of government services
d. All of the above

Which of the following are reported in the functions/programs section of the statement of activities at the government-wide level where they reduce the net expense of each function or program to produce a net revenue?A. Program revenues
B. General revenues
C. Indirect revenues
d. None of the above

A. Program revenues

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Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first

A. Capital projects funds may account for financial resources provided by federal grants as well as for bond proceeds.B. GASB standards require that construction work in progress be capitalized in the capital projects funds until the project is completed.
C. Encumbrance accounting is generally used
D. Cash or receivables from special assessments to finance construction projects should be recorded as assets of capital projects funds

B. GASB standards require that construction work in progress be capitalized in the capital projects funds until the project is completed.

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Interest expenditures on bonds payable should be recorded in a debt service fund

A. When bonds are issued
B. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period
C. When paidD. When legally payable

A. Payment of interest only on general long-term debt
B. Payment of principal and interest on all debt of the government, including that of enterprise fundsC. Payment of principal and interest on general long-term debt
D. Payment of principal only on general long-term debt

C. Payment of principal and interest on general long-term debt

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Which of the following funds of a government would account for depreciation in the accounts of the fund

A. The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation
B. The difference between the fair market value of the utility plant and the amount paid for it, less accumulated depreciation
C. The difference between the amount paid for the utility plant less the fair market value of its tangible plant assets
D. The difference between the amount paid for the utility plant less its current replacement cost

A. The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation

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For which of the following assets can the "modified approach" be elected in lieu of depreciation

A. Building and equipment
B. All capital assets.C. Eligible infrastructure assets.
D. All general capital assets

C. Eligible infrastructure assets.

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Government-wide financial statements present the government's financial position using

The term that is defined as determining whether current- year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided